The vast majority of married couples operate on the principle of “share and share alike.”  However there are situations where married couples may be better served by keeping property separate.  This occurs often in various situations, most commonly where one or both spouses have children from outside their current marriage, there is an imbalance in wealth between the spouses, or they simply have differing goals regarding their estate planning based on particular needs or obligations.

One of the best ways to accomplish separation of property between spouses is through the use of Separate Living Trusts and transferring their property into these trusts in a manner that eliminates any joint or community property title to the property and provides clear separate ownership in each spouse.

 Once this separation is accomplished the spouses can each customize their inheritance plans to support their own estate planning goals, including specifying heirs, any philanthropic goals, and any other specific needs or obligations (such as financial autonomy or support of family members), as well as supporting any necessary tax planning.

Separate trusts are a great tool for couples who wish to maintain financial independence, protect their separate property, and customize their estate plans. However, the decision to establish separate trusts should be made in consultation with an experienced estate planning attorney who can tailor the structure to the couple’s unique circumstances and goals. At Arizona Mobile Attorneys we stand ready to help you accomplish these important goals.

© Arizona Mobile Attorneys

By Michael G. Kelly, Esq., Arizona Mobile Attorneys

As people age they become more vulnerable, both physically and mentally. If they live alone this vulnerability can be worsened by feelings of loneliness and depression. This vulnerability can lead to various forms of abuse of the elderly by others. The most common of these is financial exploitation.

Financial exploitation can take various forms. The most common are when a person the elder is depending on for care or emotional support convinces a vulnerable elder to transfer assets the elder owns to that person, such as by adding them to a bank account or as a death beneficiary on the account, or by deeding their home to them. This type of conduct need not be accompanied by threats or coercion in order to be deemed unlawful financial exploitation of a vulnerable adult. It most often occurs with elderly females who live alone or with the abuser (75%).

Fortunately Arizona has laws that aggressively deal with situations where persons take advantage of vulnerable elders to financially exploit them. Exploitation of a vulnerable adult falls under the theft statute in Arizona and can carry a 5 to 12.5 year prison sentence.  In addition an elder, or those assigned to protect the elder, may file a law suit to recover damages up to three times the actual damages caused.

If you have been exploited or know a vulnerable adult who has you should take action immediately to report the criminal activity to an attorney representing you, to local police, or to the Attorney General of Arizona. This will help to stamp out this type of exploitation and help you recover the vulnerable elder’s property. At Arizona Mobile Attorneys we stand ready to aggressively attack this assault on our elders.